Four TDs are to ask the Supreme Court to join an appeal by businessman David Hall against a High Court decision preventing him from challenging the Government's use of the promissory notes.
Mr Hall has asked the court to give the appeal priority as his lawyers claim the €3.1bn remains due for payment under the notes in March.
However, counsel for the State Michael McDowell said the entire case could be moot or pointless as negotiations in Frankfurt could have a significant impact on the whole issue.
He said matters had changed and the legislation had been passed providing for the dissolution of IBRC and the reconfiguration of the State's liability to the bank.
He said the court could only deal with the issue of locus standi as that was the only issue ruled on by the High Court.
He said the court could not be asked to deal with the Constitutionality of the promissory note legislation as the High Court had not ruled on that.
TDs Mick Wallace, Luke Ming Flanagan, Clare Daly and Joan Collins were in court.
Chief Justice Susan Denham said they must first apply to join the case before the issue of priority can be assessed.
She noted in the light of "fast-moving events" that it may well be that there was an element of "mootness" to the case. The case was put back to next Friday.
Senior counsel John Rogers said the main issue of the case still needed to be dealt with as it appears the Minister for Finance was adopting the practice of appropriating State funds without a Dáil vote.
It had not changed that a payment was due in March, he said.
His capacity to do so under the legislation was an important issue which needed to be ruled on, he said.
Mr Hall has appealed a decision of the High Court that he had no legal standing to take the case challenging the legality of the promissory notes and payments made on foot of them without a Dáil vote.